Italy: Cortona is a lovely city in the province of Arezzo – Tuscany – that is known worldwide thanks to the Tuscan Sun Festival held every year in the first week of August. This year edition took place from the 30th July until 6th August. Francis Mays – the writer and author of the film-script of “Under the Tuscan Sun” – has contributed in making Cortona universally famous with her books.
Cortona is renowned and sought-after also among those who love culture. The city hosts the oldest exhibition in Italy – Cortonantiquaria – that is deeply rooted in the Tuscan territory and in the fabric of historical residences of the region.
The city is also the seat of several courses held by the University of Georgia.
All this explains how tourism has favoured the stability of real estate prices and has granted the preservation of the value of properties. Cortona has not known the speculative follies some other Italian cities have experienced; therefore, values have not soared to reach crazy peaks like in many other cities.
The crisis here has arrived late. There are some signs of improvement in the real estate market of Cortona, but the number of transactions is still under 30-40%. Potential buyers come above all from Italy. Many professionals are interested in purchasing a property in the area. They are above all investors coming from the North of Italy who are in search of a second home; but there are also some buyers who come from nearby places and want to move here definitively.
Real estate agents working in the area surrounding Cortona wish that the old customers come back. English investors were interested above all in properties located in the countryside and farmhouses. Buyers coming from the United States loved historic centres. Some overseas owners who had sold their property in Italy are now re-buying a home in Tuscany.
The real estate market offers interesting investment opportunities for almost all budgets. A budget of 200-300 thousand euros is enough to make a good purchase in the town centre.
The valuation of a property is done on the basis of different factors such as the exposure, the position, the view it offers, etc. Prices are around 4-5 thousand euros per square metre in the most prestigious areas, such as Castel Fiorentino and Sant’Angelo, Pergo and the area that is close to Lake Trasimeno. It is the most untouched area where everything seems to be as it was in the Tuscany of 50 years ago.
The valley is less expensive. Val di Chiana, for example, is very beautiful, but more built-up. Prices here are comprised between 2000 and 3500 euros per square metre.
This valuations date back to the time before the crisis. Prices have not fallen, officially. Only owners can decide whether to lower the price or not. There is a large supply of properties for sale.
Second houses in Cortona represent 80% of dwellings, but some people are worried about the overpopularity the town might have. A sudden growth driven by tourism may bring some advantages to the economy of the town, but also many risks. A film that will participate to the 2011 edition of Sun Dance Festival describes them.
Italy: Cortona is a lovely city in the province of Arezzo – Tuscany – that is known worldwide thanks to the Tuscan Sun Festival held every year in the first week of August. This year edition took place from the 30th July until 6th August. Francis Mays – the writer and author of the film-script ...
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